3. Poshmark sells for $1.2 billion
Kind of new, kind of used, sold for less. Poshmark, the online clothes seller, agreed to be acquired by South Korean internet company Naver for about $1.2 billion in cash. That translates to $17.90 a share. While that's a premium compared with Poshmark's closing price Monday of $15.57, it's still much lower than its $42 debut price when shares went public in January 2021. Back then, e-commerce was all the rage because people were largely stuck at home due to Covid restrictions and fear of catching the virus. People and authorities have moved on, though. The deal will help Naver boost its retail operations, while expanding Poshmark's reach. Shares of Poshmark jumped over 10% in premarket trading Tuesday.
4. Ukraine builds momentum
Ukraine President Volodomyr Zelenskyy said his nation's forces continued to reclaim territory from fleeing Russian troops, saying "more and more losses are being inflicted on the enemy army." He also said that several new Russian conscripts, whom Vladimir Putin called up in recent weeks, are already dying in battle. On top of that, Russia's routine conscription cycle, which usually starts in early October, has been bumped to Nov. 1, according to British authorities. "The challenges of accommodating, training, equipping and deploying mobilised and conscripted personnel are significant," the UK Defense Ministry posted on Twitter. "Deficiencies within the Russian administrative and logistical systems will continue to undermine these efforts." Read live updates here.
Read more: Ukrainian diplomat tells Musk to 'f--- off' after billionaire infuriates nation with Twitter poll
5. 'We still have time'
The United Nations has a warning: The world is on the verge of a recession that will likely hurt developing nations more than others. If it happens, it will largely be due to continued interest rate hikes in developed nations, such as the United States, the UN Conference on Trade and Development said in a report issued Monday. "Interest rate hikes by advanced economies are hitting the most vulnerable hardest," the report said. "Some 90 developing countries have seen their currencies weaken against the dollar this year." The strengthening dollar may make the United States a safe haven for investors, but it could drain the life from other nations' economies, experts have said. The world can still head off a global recession, though, according to the UN. "We still have time to step back from the edge of recession. Nothing is inevitable. We must change course," UNCTAD Secretary-General Rebeca Grynspan said, advocating for more "pragmatic" economic policies.
Read more: Credit Suisse to remain 'under pressure' but analysts wary of Lehman comparison
– CNBC's Alex Harring, Chelsey Cox, Annie Palmer, Holly Ellyatt and Su-Lin Tan contributed to this report.
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